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Another piece on the MLS, OREX, transparency (or lack of) issues in Hamptons real estate, here by Candace Taylor.
It’s interesting to note how some things change over time and others don;t, and why? In some ways, the lack of an MLS, while not necessarily in the best interest of the sellers, didn’t hurt them in the spiraling market of the “Exuberant 00′s” (or did it?). Prices escalated an average of 25% per year in most of the East End, and remember that 25% x 3 years nearly equals 100% (do the math) and 25% x 5 years equals more than 200%, not 125%. There are brokers and agents in this market that believe the presence of an MLS would have helped values grow even more during those high times, because of the increased exposure of Hamptons properties to the world market.
Some buyers and sellers actually like the boutique-y nature that the lack of a national listing system maintains in the market. It feels unique and special, like you have to be an “insider” to get the info.
So, what does the future hold? Certainly those in control know much better than the ranks…we’ll see, won’t we?
July 01, 2009 02:34PM By Candace Taylor
FOR IMMEDIATE RELEASE
StreetEasy.com, the leading NYC real estate website launches StreetEasy
New York, NY. June 11th, 2009. StreetEasy.com recently launched their expansion to the Hamptons, covering the beach towns on the Eastern end of Long Island along with the North Fork of Suffolk County. The East End of Long Island is one of the largest second home and seasonal rental markets for New Yorkers, with over 60% of those looking in the Hamptons and North Fork residents of New York, giving StreetEasy the built in audience interested in these properties. New Yorkers will finally be able to see listings in the Hamptons the way they have been accustomed to in New York, with full detailed history.
StreetEasy’s unique local approach to real estate search in New York has made them the most popular site with advanced search options like new development, school zoning and commute time. StreetEasy is taking this approach in the Hamptons as well, incorporating important local search features like South of the Highway and Oceanfront property.
“StreetEasy has made New York one of the most transparent real estate markets in the country and we aim to do something similar for the Hamptons, which has traditionally been shrouded by the exclusive nature of the area and the geographic isolation” said Dawn Doherty, VP of Strategic Development at StreetEasy. She added that “now many brokerages on the East End are embracing transparency and StreetEasy’s entrance into the market. Along with exposing their properties to the huge audience of over 30,000 New Yorkers who visit StreetEasy daily, leaders are realizing that a real estate decisions.”offer consumers the information needed to make
One company fully embracing StreetEasy’s expansion to the Hamptons is PrudentialElliman.com, StreetEasy has become a strong partner for us, and we expect it will offer a boost to our web traffic in the Hamptons, where people are searching for real value now.”, which is displaying all of their sale and rental listings on the site. “At Prudential Douglas Elliman, we believe good decisions are based on knowledge of the facts. We are committed to helping provide transparency for consumers as a way to ensure confidence in the market,” said Jill Harnick, Chief Marketing Officer at PDE. “As a compliment to the information we provide at
StreetEasy Hamptons includes sale and rental listings, open houses, recorded sales, and discussion boards. StreetEasy Hamptons is accessible from StreetEasy’s homepage or http://www.streeteasy.com/hamptons
StreetEasy.com is a New York based Real Estate information portal that aggregates the most comprehensive set of sale and rental listings along with other useful info to help consumers make better decisions with detail such as days on market, recent price reductions, and what homes sold for.
For more information about StreetEasy, please visit StreetEasy.com or contact Dawn Doherty at firstname.lastname@example.org
See Real Deal article here